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Demand, Revenue and Supply Functions

1. What is true for the function: q=D (p) =-.53p+1283, where p=95.

a) Demand is instantaneous
b) Demand is marginal
c) Demand is inelastic
d) Demand is elastic
e) Demand is unit elastic

2. In a sample of 50 individuals, 7 said they would pay up to $100 for World Series Tickets. Of the people surveyed, what is the probability that any one randomly selected, would pay up to $90 for this ticket?

a) Less than or equal to 14%
b) 14%
c) 86%
d) Area of probability functions under zero to $90
e) None

3. Definite Integral with 3 on top (ending) and 2 on the bottom (start)


a) About 3.43
b) About 8.02
c) 4.75
d) None

4. The range of potential revenue from a project is: negative $200,000 to positive $400,000 (-2 less than or equal to x, which is less than or equal to 4). The probability density function of the potential outcome is represented by: f(x) = -0.0208x^2 + 0.417x + 0.208. From this data, what is the probability that your revenue will be $300,000 or less?

a) 0 .90158
b) 100.058
c) 0 .25415
d) 0 .85754
e) 0 .74158

5. When working with limits and continuous functions ---
a) A constant can not be factored
b) Limits of additions and subtraction can not be split.
c) The minimum and maximum of a constant vary w/ the probability
d) The limit of a constant is that constant
e) The curve of a constant function is always concave.

6. If you set a supply function equal to demand function, what are you representing?

a) Equilibrium differential
b) Equilibrium price and quantity
c) Consumer surplus
d) Producer surplus
e) Extra revenue


Solution Summary

Demand, Revenue and Supply Functions are investigated. The response received a rating of "5/5" from the student who originally posted the question.